Performance Industries, Inc. sold three pieces of equipment and a small building on March 1, year 6. Data on these disposals are as follows:

a. Determine the amount and character of the gain or loss on each of these assets.
b. Determine the sum of each type of gain or loss and the net effect these gains/losses have on Performance Industries' net income.
c. How would your answers change if Performance Industries had $6,000 of Section 1231 losses in year 3?

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SELLING PRICE MACHINE COST $45,000 $105,000 $63,000 Building $400,000 DATE ACQUIRED April 24, year 2 May 2, year 1 June 4, year 4 April 30, year 1 DEPRECIATION $35,000 90,000 12,000 $45,000 $19,000 $24,000 $66,000 $425,000